Steady Expansion Forecast for Wind Turbine Market, Projected to Reach $257.65 Billion by 2029

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Wind Turbine Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the wind turbine market has seen robust growth in recent years. The market, which is set to rise from $164.39 billion in 2024 to $178.89 billion in 2025, will exhibit a compound annual growth rate (CAGR) of 8.8%. Factors such as renewable energy policies, transition towards sustainable energy, cost competitiveness, rising global energy demand, and environmental consciousness contributed to the growth during the historic period.

Wind Turbine Market Size Forecast: What's the Projected Valuation by 2029?
The market size of wind turbines is anticipated to witness robust expansion in the upcoming years. It is predicted to rise to $257.65 billion by 2029, with a compound annual growth rate (CAGR) of 9.5%. Factors contributing to the projected growth in this period include the rapid transition to renewable energy, government grants and subsidies, advancements in turbine technology, integration of energy storage, and international climate agreements. Key trends that are expected to take shape in this period consist of an emphasis on sustainable materials and recycling, the growth of hybrid renewable energy systems, involvement of communities and locals in wind projects, a decrease in costs and competitive bids for wind projects, and a worldwide extension of wind energy markets.

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What Are the Drivers Transforming the Wind Turbine Market?
The escalating need for renewable energy sources is propelling the expansion of the wind turbine market. Such an energy source refers to endless and continually replenishing energy. Predominantly, this energy is derived from fossil fuels like coal, oil, and natural gas. The wind is one such renewable energy. Overall, the utilization of wind for generating energy impacts the environment less than other energy sources. Wind turbines do not emit pollutants that can contaminate air or water, and they don't necessitate water for cooling. Furthermore, wind turbines decrease the electricity generated from fossil fuels, leading to a reduction in total air pollution and carbon dioxide emissions. For example, as per the International Energy Agency (IEA), a French autonomous intergovernmental organization, the power generated from solar photovoltaic systems rose to an unprecedented 270 TWh in 2022, marking a 26% increase from 2021. Even though solar PV stands third after wind and hydropower in terms of renewable electricity technology, it still contributes to the manufacture of 4.5% of the world's total electricity. Hence, the surging demand for renewable energy sources is fostering the growth of the wind turbine market.

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What Long-Term Trends Will Define the Future of the Wind Turbine Market?
Gaining traction in the wind turbine industry is the trend of technological advancements. The offshore direct drive platform technology facilitates the recycling of majority components from older generations. A case in point, in September 2022, a renowned Danish wind turbines producer, Vestas, introduced an onshore wind turbine tower standing at 199 meters, making it the globe's highest onshore tower. The company designed this to pair with its V172-7.2MW turbine.

Which Segments in the Wind Turbine Market Offer the Most Profit Potential?
The wind turbinemarket covered in this report is segmented -

1) By Component: Rotator Blade, Gearbox, Generator, Nacelle, Other Components
2) By Axis Type: Horizontal, Vertical
3) By Location Of Deployment: Onshore, Offshore
4) By Connectivity Type: Grid Connected, Stand Alone
5) By Application: Industrial, Commercial, Residential, Utility

Subsegments:
1) By Rotator Blade: Composite Blades, Steel Blades, Carbon Fiber Blades
2) By Gearbox: Planetary Gearbox, Helical Gearbox, Spur Gearbox
3) By Generator: Synchronous Generators, Asynchronous Generators, Permanent Magnet Generators
4) By Nacelle: Housing Components, Cooling Systems, Control Systems
5) By Other Components: Tower, Yaw System, Pitch Control System

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Which Firms Dominate the Wind Turbine Market by Market Share and Revenue in 2025?
Major companies operating in the wind turbine market include Clipper Windpower A/S, Hitachi Ltd., Siemens AG, General Electric Company, Suzlon Energy Limited, CRRC Group Corporation, Eaton Corporation plc, Shangai Electric Group Co. ltd., Vestas Wind Systems A/S, Sany Heavy Industry Co. Ltd., Gamesa Electric, Dongfang Electric Corporation, Nordex SE, Goldwind Science and Technology Co. Ltd., Ming Yang Smart Energy Group Co. Ltd., Guodian United Power Technology Co. Ltd., Bilfinger Offshore Wind Energy GmbH, Zhejiang Windey Co. Ltd., Envision Energy, LM Windpower A/S, Impsa S.A., Sinovel Wind Group Co. Ltd., Leitwind GmbH, Vergnet S.A., Northern Power Systems Ltd., Enercon Gmbh Windenergieanlagen, Senvion SE, Bergey Windpower Inc., ZF Wind Power Antwerpen NV, United Power Inc.

Which Regions Offer the Highest Growth Potential in the Wind Turbine Market?
Asia-Pacific was the largest region in the wind turbine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wind turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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